How Chatbots Help the Insurance Industry

13 January 2018

How Chatbots Help the Insurance Industry

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Posted by Root Info Solutions

Chatbots are permeating into every sector. On the one hand, they are helping consumers to access information and opt for services, while on the other making businesses to operate efficiently. Let’s see how insurance industry and their stakeholders are benefiting with this latest technology.

1. Chatbot for brand awareness

By making their information and services accessible to users through chatbot, brands can extend their reach and acquire a bigger market. With leading social messaging platform like Facebook and Skype to name a few, making their platform available for free to businesses and users, it’s no longer a challenge.

2. Chatbot for customer acquisition

Convincing someone to opt for an insurance policy is perhaps one of the most difficult jobs in the world. If you are in insurance sector already, then none best can explain it. However, even if you are a customer, you might have observed it. Recall, how much effort your agent put in to make you go for it.

3. Chatbot for customer service

It’s not just regarding customer acquisition; it holds true when the context is of customer service. When connected with CRM (customer relationship management) platform and other backed customer-centric data silos, a chatbot can serve existing and non-existing users in the best possible manner.

4. Chatbots help to stay up to date

In the competitive world, it has become highly desirable for a brand to adopt the latest industry trends and practices. Doing so, insurance service providers can stay in the spotlight and make people feel good about them. Even it doesn’t contribute directly; it pushes the business endeavor boosting the trust and sentiment of people who want to be associated with a competitive brand.

How to Build a Chatbot?

There are two categories of chatbots, namely, rule-based chatbot and AI-based chatbot. The former can perform roles or tasks that are already coded in the application while the latter is smart enough to interpret the context of the users and respond intelligently like a human being. What makes that happen? Well, the credit goes to the NLP (Natural Language Processing) and AI or artificial intelligence. Want to know what investment is required to have a chatbot? Find the answer to how much does it cost to build a chatbot.